Sacha Lord, chair of the Night Time Industries Association, has stated that 70 percent of UK pubs are now “unviable,” following a report from the Adam Smith Institute think tank called Last Orders.

The study claims 97 percent of hospitality operators have already frozen investment following the Chancellor’s Autumn Budget, which came on top of a 35 percent surge in operating costs.

“New tax policies and rising energy and wage costs, combined with a cost-of-living crisis, mean that while venues might still see footfall, the numbers simply don’t add up and the pressures on the sector are now at unprecedented levels,” said Lord.

“Customers, particularly younger people, have less disposable income, while businesses face soaring costs that are pushing them to the brink and pricing consumers out as a result.”

Sam Bidwell, director of the Next Generation Centre at the Adam Smith Institute, added “pubs provide a social hub for older people – their closure will increase social isolation.”